Marketing 360 WSU Exam 1 – Flashcards
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What is Marketing
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"The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." (4 "p's = Product, Promotion, Place, Price)
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Marketing in Sum
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Is about meeting needs, and delivering value to all people affected by a transaction.
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Benefit
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The outcome a customer desires, mainly meets their need/wants
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Need
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Difference between actual and desired state
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Want
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The Desire to satisfy a need in a certain way
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Exchange
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Transferring value from buyer to seller
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Demand
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Desire for a product/service and the resources to pay for it
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Market
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Collection of people who have a need for a product/service, and are willing and able to spend the resources necessary to obtain the product/service
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Stakeholders
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Anybody who has a stake in the outcome of the product or service, could be a seller, buyer, investor, community, or place where the product was made
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Utility/Value
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Sum of the benefits we receive from a product, it can be symbolic
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Types of Utility
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Form, Place, Time, Possession
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Form
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Type of utility (convert raw materials into product)
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Place
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Type of utility (make product/service available when customers want them)
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Time
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Type of utility (storing product until customer needs it)
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Possession
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Type of utility (benefit from owning, using, enjoying product)
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Value Proposition
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Marketplace offering that fairly and accurately sums up value realized if customer buys product or service
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Value (Customer's Perspective)
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Sum of benefits that we receive from a product.
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Value (Seller's Perspective)
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Profits, but also prestige, pride, making community happy.
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Value (Stakeholders)
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Occurs when company has competitive advantage over rivals
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Distinctive Competency
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A companies superior capability
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Differential benefit
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Unique benefit of product
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Value (Society)
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The impact of the product/service on society
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Triple Bottom Line
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A business strategy that includes social, economic, and environmental criteria
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Value Chain
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In Bound Logistics(bringing raw materials)--> Operations(making raw materials into product)---> Outbound Logistics(shipping final product)--> Marketing and Sales---> Servicing product or customer
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Maslow's Hierarchy of Needs
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-Levels of needs people must meet in order to be motivated. From bottom to top: Physical(food, water,air,shelter,sex), Safety(protection, order, stability), Social(affection,friendship,belonging), Ego(prestige, status,self-esteem), self-actualization(Self fulfillment)
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Schwartz's Value System
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Top(Self-Transcendence) Bottom(Self Enhancement) Left(Open to Change) Right(Conservation)
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McClelland's Trio of Needs
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Power(desire to control environment), Achievement(need for personal accomplishment), Affiliation(need for friendship,acceptance, belonging)
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Deci and Ryan Self Determination Theory
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Autonomy(desire freedom from external control, Competence(need to feel one is competent at tasks), Relatedness(need to relate to others)
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Production Orientation
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A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace, Product will sell itself
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Selling Orientation
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getting the product out the door! reducing inventories, product supply is greater than demand
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Consumer/Market Orientation
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Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them
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New Era Orientation
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A management philosophy in which marketing means a devotion to excellence in designing and producing products that benefit the customer, as well as the company's employees, shareholders and communities
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Marketing Mix
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Product, Price, Place, Promotion
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Dark Side
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Illegal Practices, health problems, Psychological costs, financial burdens, environmental degradation
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Strategic Planning
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A managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival.
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Functional Planning
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a decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan
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Operational Planning
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Process of setting work standards and schedules necessary to implement company's tactical objectives.
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1st Step for Strategic Planning
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Define Mission Statement (overall purpose of the organization and its plans for achievement)
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Mission Statement
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A statement based on a careful analysis of benefits sought by present and potential customers and existing and anticipated environmental conditions
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2nd Step in Strategic Planning
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evaluate the internal and external environment
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SWOT Analysis
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A technique that reviews and analyzes the internal strengths and weakness of an organization and the external opportunities and threats that if faces. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
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Sustainable competitive advantage
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An advantage that cannot be copied by the competition
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3rd Step in Strategic Planning
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Set Organizational objectives that flow from mission statement and are realistic, specific, measurable, and well matched with mission statement
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4th Strategic Plan
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Establishing and evaluating business portfolio, collection of brands/units owned by an org that have different income generating potential
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Star
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dominant market share in high growth markets
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Cash Cow
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dominant market share in low growth markets
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Question marks
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low market share in high growth markets
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Dogs
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SBU's with low market share in low growth market
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5th Strategic planning
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Develop growth Strategies
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Market Penetration
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increase sales of existing products within existing markets
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Market Development
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introduce existing products into new markets
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Product Development
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selling new products in existing markets
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Diversification
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emphasize both new products and markets
